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Tax Laws Amendment (2008 Measures No. 1) Bill 2008

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The Parliament of the

Commonwealth of Australia








Tax Laws Amendment (2008 Measures No. 1) Bill 2008



(1)           Page 23 (after line 21), at the end of the bill, add:

Schedule 7—Safeguards on the establishment of carbon sink forests

Income Tax Assessment Act 1997

1  After paragraph 40-1010(2)(c)


                    (ca)  the trees are a mixture of species that approximate the local native vegetation or, if not available, from an ecologically similar location;

2  After subsection 40-1010(3)


          (3A)  The guidelines provided for in subsection (3) must ensure that:

                     (a)  any property claiming a carbon sink forest expenditure has an environmental management system audited to conform to ISO14001 in place; and

                     (b)  forests over 100 Ha require an ecosystem evaluation to develop recommendations for appropriate planting; and

                     (c)  the owner is required to enter into an easement agreement with the Department of Climate Change preventing any development or modification of the property which would result in the property no longer meeting the conditions specified for a carbon sink forest; and

                     (d)  an easement agreement entered into in accordance with paragraph (c) remains in force for a period of not less than 100 years, or until the Commonwealth determines that the forest no longer requires protection, whichever is the earlier.

3  After section 40-1015


40-1016  Ecosystem evaluation

Ecosystem evaluation means an ecological assessment and report prepared by a suitably qualified person which includes, but is not limited to:

                     (a)  an assessment of impact of the carbon sink forest on the hydrology of the catchments within which it is situated;

                     (b)  an assessment of the local and regional linkage and connectivity values of the site, including potential links in relation to any other remnant vegetation areas;

                     (c)  identification of constrained areas such as steep land and land adjacent to waterways which are likely to have particular management requirements;

                     (d)  an assessment of fire risk within the site and in relation to adjacent premises including areas of native forest;

                     (e)  identification of any other environmentally sensitive areas which may potentially be impacted by the proposed use;

                      (f)  identification of any likely conflicts between the proposed carbon sink forest use and any adjacent or nearby premises or places;

                     (g)  identification of a selection of suitably benign species for planting.